FAQ
Can VA closing costs be rolled into a VA mortgage?
Absolutely. When doing a VA Streamline Refinance you can roll 100% of your closing costs into your loan and still get a max of $500 cash at closing. On a purchase you can have the seller contribute your entire closing costs. On a VA Cash out Refinance the maximum loan amount is 90% so as long as the closing costs are included in the 90% Loan-to-value you can roll them in. Please review the VA Closing Costs table for specific details.
Can I close without a down payment and out-of-pocket expenses at closing?
Yes, whether the loan is a Cash Out Refinance, Streamline Refinance or purchase.
How does a VA mortgage work?
VA mortgages are loans that are made available by approved lenders for Veterans or active military personnel. They allow a veteran to buy a house with 0% down, and allow them to refinance an existing VA mortgage without having to document income or assets.
How does a VA Streamline Refinance work?
The VA Streamline Refinance is also known as an Interest Rate Reduction Loan (IRRL). These loans do not require a borrower to verify assets, income, or get an appraisal in order to complete the loan. It is by far, the greatest loan out there.
What is the VA funding fee?
It depends on the transaction: On a Streamline Refinance the VA Funding Fee is 0.5%. On a purchase transaction the fee is 2.15%, and on a Cash Out Refinance the fee is 3.3%. Please review the VA Funding Fees tables for specific details.
Can I have a co-signer on a VA mortgage?
The Department of Veteran Affairs does not allow a veteran to have non-occupant co-signer.
Can you qualify for a VA mortgage with a misconduct discharge?
The Department of Veteran Affairs determines eligibility and must be evidenced by a VA Certificate of Eligibility.
Does the VA offer home improvement loans?
The Department of Veteran Affairs allows a borrower to add up to $6,000 for the cost of energy efficiency improvements. The Mortgage may be increased, even on a VA Streamline loan up to $6,000 to cover the cost of these improvements.
Is employment verification required for a VA Streamline Refinance?
It depends. The majority of lenders are currently conducting verbal employment verifications. I personally know of only one lender that is not doing a verbal employment verification.
Why choose VA Loan Desk?
A division of Belem Servicing LLC DBA Patriot Home Mortgage-
Our Experience
Patriot Home Mortgage and VA Loan Desk finances more homes for veterans than any other VA lender in the United States.
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Our Expertise
Years of experience gives us unmatched expertise that ensures you get the most from your VA benefits.
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Our Network
VA Loan Desk’s vast network of lenders throughout the U.S guarantees you the lowest possible VA loan rate.
Call to talk with a VA Loan Specialist.